Average Cost of Business Insurance

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Updated March 1, 2015
The Cost of Business Insurance - What you Should Know

Whether a small business or an entire corporation, having a business insurance to back you up during untoward and unexpected incidents will surely help you sleep peacefully at night. Business insurance usually covers the property where the business is being operated, premise liabilities, employee compensation, post-business liabilities such as unpaid debts and even the simplest things such as a lost sign. This being said, it would be difficult to determine the average monthly cost for business insurance without any information regarding the actual business itself.

For a more in depth analysis or estimate on the actual coverage of business insurance, we can talk about the coverage by determining the various insurance needs of a business.

Most small businesses function in a specific location such as an office building like law firms, accounting offices, or publishing companies, or a service establishment like restaurants and fast food chains. It’s an important business investment to insure the entire property against fire or any natural calamity. In cases of flood or fire, business insurance provides replacement cost for what the property has lost, which includes most damaged properties and even employees’ personal belongings. Often times the replacement cost is the actual worth of the property without deducting for depreciation rate. So you won’t have to worry about your old typewriters, office furniture, or computers.

Business liabilities vary and have a range of categories and definitions. This includes bodily and personal injury, property damage, and advertising injury. In a fast-food restaurant, a customer may file lawsuit due to him burning his lips for a coffee that’s too hot, or for slipping on wet floor. Even small lawsuits like this may cause the business to suffer from out-of-the-pocket financial problems. One of the coverage of business insurance is to defend the business from legal complaints and lawsuits. It also covers the demand of the complainant. Putting a “slippery when wet” sign may not be enough.

Even after the termination of a certain business, there’s still a trail of responsibilities that the business needs to take care of like bank debts, taxes and unpaid employee compensation. Business insurance also covers post-business liabilities and pays unpaid debt and taxes or a fraction of it depending on the policies agreed upon by the insurer and the business. Other options that can be added to this insurance policy are protection again crime, employee dishonesty, mechanical breakdown and other money related issues depending on each business’ varying demands and needs.

The average cost of business insurance will always vary depending on the industry type, workforce volume, gross income and other factors which may consist of additional features, add-ons, and the deductible. (Deductible is the amount that needs to be paid before the insurance could take effect.)
A furniture manufacturer with a workforce of 30 people and a monthly gross income of $60,000 may need to pay more than a plumbing business with 2 employees and a monthly income of $1200. A small business insurance cost is different from an industrial business insurance cost and even to a home business.

The only way to get an accurate quote is to ask insurance companies for a business insurance estimate and compare. Shop around and tailor-fit a package by choosing the correct add-ons and premiums to get the best deal.

Find the average cost of business insurance for your small business by entering your zip code above.

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